2020 Worker and Student Financial Health Challenge

Thank you for your interest in the Financial Solutions Lab’s next fintech accelerator challenge: 2020 Worker and Student Financial Health!

Applications will be accepted through Jan. 6, 2020 at 11:59 PT

Who should apply: Start-ups and nonprofits providing innovative fintech solutions that support the financial health of current and future workers – especially people who face persistent financial health challenges, including low- to moderate-income (LMI) consumers, communities of color, aging individuals, people with disabilities, women and other underserved consumers. Full application criteria and details on our approach to Diversity, Equity, and Inclusion are available here: Application Criteria.

The fintech solutions to be considered for this challenge will support:

  • Current workers in jobs with high risk of automation, who may frequently change jobs (e.g. seasonal employment), who balance multiple jobs at once or who are seeking retraining to further their marketability to employers or remain relevant in a changing workforce.
  • Future workers, like those considering (for the first time, or returning to), engaged in, or finishing a higher education program.

Examples of potential solutions that may be brought forward in this challenge include:

  • Products and financial planning tools to help students and/or workers save for, plan, and navigate educational or job training expenditures, particularly those for LMI populations; these tools may be delivered directly to students/workers (B2C models), or may impact students/workers through intermediaries such as employers, educational institutions, or training programs (B2B or B2B2C models).
  • Financial products to bridge short-term cash flow gaps students and/or workers may face while making transitions, retraining, or upskilling for future jobs.
  • Products to help gig workers smooth income, manage cash flow or navigate financial uncertainty.
  • Innovative financial benefit solutions that support different employee needs and improve their financial health.

The next cohort will be selected in late March 2020. Selected organizations will receive up to $125,000 in capital in addition to professional services assistance from industry leaders and mentorship from the Financial Health Network and JPMorgan Chase employees.

About the Financial Solutions Lab

The Financial Solutions Lab is a $50 million, 10-year initiative managed by the Financial Health Network with founding partner JPMorgan Chase & Co. to cultivate, support and scale innovative ideas that advance the financial health of low- to moderate-income (LMI) consumers and historically underserved communities. The Lab is intentionally focused on innovative ideas that support populations facing acute and persistent financial health challenges, including (but not limited to) aging individuals, individuals with disabilities, people of color and women. The Financial Solutions Lab launches a series of accelerator competitions to identify solutions to specific consumer financial challenges. It provides incentives for entrepreneurs, businesses, and nonprofits to enhance financial products and services that address these challenges and improve consumers’ financial health. It also fosters collaboration between complementary fintech companies and nonprofits to further their reach and impact, and identifies technology needs in the market that have the potential to help LMI or underserved individuals. For more information, visit http://finlab.finhealthnetwork.com/.

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